Speaking at the conference, Sir Win Bischoff stated that “culture in business is a key ingredient in delivering long-term sustainable performance for all stakeholders including customers, communities, suppliers, employees and shareholders – ultimately society itself.”

He highlighted the role that the UK Corporate Governance Code has played on promoting better behaviours in business. But at the same time, he indicated the limits of the Code, i.e. “by itself, a code does not prevent inappropriate behaviour, strategies or decisions”. He stated that “Only the people, particularly the leaders within a business, can do that.”

He referred to the FRC's report 'Corporate culture and the role of boards', published in July this year, which highlights the vital role of the Board in establishing and delivering good behaviours.

He further indicated that “culture can be measured and much information is already available to do so”. He also stated that culture should be company specific and that “there is no one-size-fits-all” approach.

Concluding he stressed “there simply has to be increased and continuous focus on company culture”.

The full text of the speech can be obtained from the FRC's website.